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Airbnb valuation nears $100 billion mark on debut stock listing

Airbnb's valuation nearly touched $100 billion on a successful first day of trading on the NASDAQ exchange. While the price for shares in the travel and home rental platform was set at $68 per share, trading volumes doubled on Thursday during the initial public offering (IPO). The company's stock clossed at $144.71 at the end of trading, up by 113% from the offer price. Airbnb's market value stands at $86.3 billion, making it the biggest online travel company. At $68 per share, Airbnb's valuation at the time of listing was $47 billion. But after prices soared to $165 by mid-day, its valuation touched the $100 billion market. In its prospectus, filed earlier last month, the company said that despite the widespread impact of the pandemic on the travel and home rental industry, its business model remained resilient. "We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere. Our platform has proven adaptable to serve these new ways of traveling,” it said. According to Bloomberg, Airbnb's co-founder and chief executive officer, Brian Chesky's own stake in the company is estimated to be around $11.4 billion post the IPO debut. In an interview with CNBC, ahead of the IPO Chesky said, "I don't think I am going to worry much more, in April and May when we saw our business drop 80% in 8 weeks in the middle of the pandemic. I am so grateful to be here today, so…

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